A question I will never ask any Federal Reserve policymakers— not in public, not in private. They do not need their elbows jiggled in this way: The decision by the Federal Reserve in the mid-1990s to settle on a 2% per year target inflation rate depended on three facts — or, rather, on three things that were presumed … Continue reading The Assumptions Behind the Federal Reserve’s Choice of 2% per Year Were Erroneous